Brown Advisory Emerging Markets Select Fund Advisor Shares

This fund aims to generate overall investment growth by primarily allocating capital to shares of companies located in or conducting business within developing market nations. A significant portion, at least 80% of its net assets (inclusive of any borrowed funds for investment purposes), will be committed to equity securities from these emerging economies. Such companies are found in regions including Latin America, Asia, Eastern Europe, Africa, and the Middle East. Up to 20% of the fund's net assets may also be invested in securities of companies that operate outside of the emerging market category.